By Adria Calatayud

Nestle said it has sold its Palforzia peanut-allergy treatment business to biopharmaceutical company Stallergenes Greer.

The Swiss consumer-goods company said Monday that it will receive milestone payments and royalties from Stallergenes Greer. The deal was closed upon signing, Nestle said.

The sale allows Nestle's health-science operations to focus on its core strengths and key growth drivers, the unit's Chief Executive Greg Behar said.

Nestle last year said that it would conduct a strategic review of Palforzia after a slower-than-expected adoption by patients and healthcare professionals.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

September 04, 2023 01:41 ET (05:41 GMT)

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